Am I fucked?

Google / Eng
anonymous-employee

Go to company page Google Eng

anonymous-employee
Mar 9 44 Comments

Last year was a really stressful year for me.
I lost all my money from crypto investments. I'm worried if I need to pay any taxes on the intermediary capital gains I made while I was frantically buying/selling coins.

Say I made USD $100K on ETH and sold all of them to USDC. Then I bought DOGE at the top and sold the bottom losing $200K. Can I deduct all the capital gains (100K) with the capital loss (200K) and pay no capital gains tax? I've read there's a limit you can deduct from capital loss which is $3000.

Does this mean I can only deduct $3000 from the capital gains tax i might have to pay from $100K? and the rest $197K will be rolled over to the next year?

#tax #crypto

TC 325K
YOE 4

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